Student loan borrowing is 'high stakes' as new rules take effect on July 1, CFP says. What to know
Key points
- Vladimir Vladimirov | E+ | Getty Images Student loan borrowers who take certain steps will soon face fewer repayment and debt forgiveness pathways, due to President Donald Trump's One Big Beautiful Bill Act.
- "Be very careful when it comes to taking out new student loans," said Landon Warmund, a certified financial planner and certified student loan professional at Reliant Financial Services in Kansas City, Missouri.
- That's because those who borrow federal student loans after July 1 will go from a "legacy borrower" to a "new borrower," subject to a heap of different rules included in the legislation passed last year, said Kathleen Boyd, a CFP and founder of Student Loan Savvy in San Diego.
- It's "really high stakes stuff," Boyd said.
- Here's what to know.
Quick Summary
Vladimir Vladimirov | E+ | Getty Images Student loan borrowers who take certain steps will soon face fewer repayment and debt forgiveness pathways, due to
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Student loan borrowing is 'high stakes' as new rules take ef.
Key Takeaways
- Vladimir Vladimirov | E+ | Getty Images Student loan borrowers who take certain steps will soon face fewer repayment and debt forgiveness pathways, due to President Donald Trump's One Big Beautiful Bill Act.
- "Be very careful when it comes to taking out new student loans," said Landon Warmund, a certified financial planner and certified student loan professional at Reliant Financial Services in Kansas City, Missouri.
- That's because those who borrow federal student loans after July 1 will go from a "legacy borrower" to a "new borrower," subject to a heap of different rules included in the legislation passed last year, said Kathleen Boyd, a CFP and founder of Student Loan Savvy in San Diego.
- It's "really high stakes stuff," Boyd said.
- Here's what to know.
📌 Source: CNBC
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